LOS ANGELES : CRA Opts to Negotiate With Mall Developer
The Community Redevelopment Agency board opted Thursday to negotiate, rather than sue, to settle a dispute with a mall developer over the city’s interests in the Baldwin Hills Crenshaw Plaza.
The board met for three hours before making its decision, CRA spokesman Marc Littman said. The city’s negotiators will report back on April 7.
CRA commissioners believe the city was entitled to half the proceeds when Manhattan Beach developer Alexander Haagen sold the mall to a real estate investment trust that he controls. The city has invested $50 million in the mall.
The mall had been built under an agreement between Haagen and the CRA, but Haagen’s representatives contend that the sale netted nothing for the city because the mall was sold at a loss.
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